Senate Bill 2542e1

    SB 2542                                  First Engrossed (ntc)



  1                      A bill to be entitled

  2         An act relating to the Florida Commercial Space

  3         Financing Corporation Trust Fund; creating s.

  4         331.376, F.S.; creating the Florida Commercial

  5         Space Financing Corporation Trust Fund;

  6         providing for its purposes; providing for

  7         review and termination or re-creation of the

  8         trust fund; providing a contingent effective

  9         date.

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11  Be It Enacted by the Legislature of the State of Florida:

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13         Section 1.  Section 331.376, Florida Statutes, is

14  created to read:

15         331.376  Florida Commercial Space Financing Corporation

16  Trust Fund.--

17         (1)  There is created the Florida Commercial Space

18  Financing Corporation Trust Fund for the purpose of receiving

19  state, federal, and private financial resources, and the

20  return from investments of those resources, and for the

21  purposes of ss. 331.370-331.379. The account shall be under

22  the exclusive control of the board of directors.

23         (2)  Resources in the account shall be allocated for

24  operating expenses of the corporation and for other purposes

25  authorized in ss. 331.370-331.379.

26         (3)  Appropriations for the corporation shall be

27  deposited into the account.

28         (a)  The board of the corporation may deposit the

29  resources of the account designated for the purposes of this

30  section with state or federally chartered financial

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CODING: Words stricken are deletions; words underlined are additions.






    SB 2542                                  First Engrossed (ntc)



  1  institutions in this state and may invest the remaining

  2  portion in permissible securities.

  3         (b)  At all times, the board shall attempt to maximize

  4  the returns on these funds.

  5         (c)  All funds received from the activity of the

  6  corporation shall be redeposited in the account to be used to

  7  support the purposes of ss. 331.370-331.379.

  8         (4)  Any claims against the account shall be paid

  9  solely from the account. The credit of the state may not be

10  pledged other than funds appropriated by law to the trust

11  fund, nor shall the state be liable or obligated in any way

12  for claims on the trust fund or against the corporation.

13         Section 2.  In accordance with Section 19(f)(2),

14  Article III of the State Constitution, the Florida Commercial

15  Space Financing Corporation Trust Fund shall, unless

16  terminated sooner, be terminated on July 1, 2004. Before its

17  scheduled termination, the trust fund shall be reviewed as

18  provided in section 215.3206(1) and (2), Florida Statutes.

19         Section 3.  This act shall take effect on the effective

20  date of Senate Bill 2540 or similar legislation, relating to

21  the commercial space industry, but it shall not take effect

22  unless it is enacted by a three-fifths vote of the membership

23  of each house of the Legislature and unless SB 2540 or similar

24  legislation, relating to the commercial space industry, 1999

25  Regular Session, becomes a law.

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